Markets
The S&P / BMV IPC fell another 0.9% over the last week to close at 63,375.93 pts. as global risk aversion continued. Meanwhile, the Mexican peso lost 1.5% to close at MXN$17.15/USD; the yield of the 10-year M-Bono was down 2 bps to 9.44%.
The S&P / BMV IPC’s top weekly gainers were: LIVEPOL C-1 (+3.7%), KIMBER A (+3.4%), and FEMSA UBD (+3.0%). On the other hand, the main weekly losers were: GFNORTE O (-4.2%), GCARSO A1 (-4.0%) and CEMEX CPO (-3.9%).
Public Companies
América Móvil’s subsidiaries Telmex and Telnor proposed a 14.16% discount to retail reference prices for wholesale resale services offered to third-party operators in 2027. The proposal was submitted to CRT under the asymmetric regulatory framework applicable to América Móvil. Telmex also challenged elements of the retail-minus methodology used to determine wholesale tariffs. Separately, Claro Chile, a subsidiary of América Móvil, filed a lawsuit against the Chilean government seeking the annulment of its agreement with WOM, which established revised deadlines and conditions for WOM’s 5G network deployment under a 2021 tender. Claro argued that the agreement granted favorable conditions to WOM by extending deadlines and modifying the original requirements. The company also questioned the decision not to execute guarantees committed by WOM and requested the annulment of the government resolution that approved the agreement. América Móvil’s Claro plans to migrate eligible HFC customers to Desktop’s GPON fiber network over an 18-month period, following the agreement to acquire a 73% stake in Desktop. Claro expects to identify eligible customers between months two and five and consolidate redundant infrastructure within 24 months. Desktop operates approximately 58,000 km of fiber infrastructure in São Paulo.
Cox Asset México completed an US$800 million hybrid capital issuance as part of its financial restructuring following the acquisition of Iberdrola’s Mexican assets. Cox will allocate US$733 million of proceeds to repay long-term acquisition financing. Cox targets a Moody’s investment-grade rating within the next 12–18 months.
Femsa entered into a new accelerated share repurchase agreement with a U.S. financial institution to repurchase up to US$280 million of shares through ADS. The final number of ADS to be repurchased will depend on their daily volume-weighted average price during the agreement period, less a discount. FEMSA expects final settlement before YE26. Femsa added more than 24,000 OXXO stores to CFE Internet’s physical recharge network, allowing customers to make payments for telecommunications services across its nationwide convenience-store footprint. In related news, OXXO plans to invest around MXN$300 million in Estado de México through YE26 and open 80 additional stores, generating 580 direct jobs.
Fresnillo appointed Rodrigo Sandoval as CFO, effective November 1st, 2026, succeeding Mario Arreguín, who will retire after a 37-year career with the company. Sandoval will join Fresnillo as CFO Designate on September 21st and work alongside Arreguín during the transition. He previously served as CFO of Grupo Gigante from 2018 to August 2026 and earlier held senior finance roles at Grupo México. Arreguín will remain with Fresnillo as Senior Advisor from November 1st through the end of January 2027.
Mercado Libre’s Mercado Pago continues its transition to become a bank in Mexico, with its banking-license process approximately halfway completed and no definitive authorization date. The company expects the license to expand its product offering into payroll portability and interest-bearing savings while maintaining credit and payment services. Pedro Rivas, CEO of Mercado Pago México, said the authorization process remains on schedule.
Fibra Uno reopened its unsecured FUNO 26-2V bond for MXN$1.5 billion in the domestic market at a fixed rate of MBONO + 170 bps, with maturity in July 2036. The Trust will use the proceeds to repay existing debt.
Fibra Mty plans to launch a second tender offer for Fibra Macquarie CBFI’s it does not already own, offering 3.20 Fibra Mty CBFIs for each Fibra Macquarie CBFI. Holders would alternatively be able to elect MXN$44.00 in cash per Fibra Macquarie CBFI, subject to a maximum aggregate cash consideration of MXN$6.5 billion, or receive a combination of CBFIs and cash. The transaction remains subject to regulatory approvals from CNBV and Comisión Nacional Antimonopolio.
Bimbo Bakeries reached a labor agreement with Brotherhood of Teamsters Locals 170 and 633, averting a strike authorized by sales and warehouse employees at its New England operations. The agreement was ratified by 90% of more than 200 workers and includes higher wages, improved pension benefits, lower healthcare costs and employment protections. The agreement follows a separate six-year labor contract reached in July with 200 Teamsters members in New York and New Jersey, which included wage increases of up to 40%.
Genomma Lab’s Board of Directors appointed founder and Chairman Rodrigo Herrera Aspra as interim CEO effective January 1st, 2027, while continuing to serve as Chairman of the Board. Juan Marco Sparvieri will remain actively involved in the transition through December 31st, 2026. Herrera is expected to serve for 12–18 months and complete the implementation of a new company-wide operating model while the Board searches for a long-term successor. The model will integrate an existing AI-agent platform across marketing, sales, supply and finance, following an initial test with Suerox Mineral, and subsequently extend across the company’s portfolio and operations in 18 countries.
Grupo Traxion announced that a company in which Mr. Aby Lijtszain Chernizky, the company’s Executive President, holds an equity interest has notified Traxion’s Board of Directors of its intention to begin the process to launch a voluntary tender offer to acquire up to 100% of Traxion’s outstanding shares at MXN$13.18 each (around MXN$7.15 billion for 100% of shares). This price represents a premium of more than 20% over previous 60 days ending on September 11th, 2026. Grupo Traxión said that the main objective of this offer is not to delist the company’s shares from the Mexican Bolsa and that it instead seeks to provide a mechanism for an orderly exit and liquidity to its shareholders and institutional investors.
Lamosa plans to invest US$220 million in a new automated ceramic coatings plant in Tlaxcala. The first phase is expected to begin operations in November and add 1.2 million square meters to the company’s production capacity. Federico Toussaint Elosúa, Lamosa’s Chairman and CEO, announced the project during Expo Pyme 2026 organized by Caintra in Monterrey.
Nemak launched a tender offer for all of its outstanding 2.250% Senior Notes due 2028, together with a consent solicitation to amend the notes’ indenture. The company is offering €1,000 per €1,000 principal amount tendered plus accrued and unpaid interest, with the offer scheduled to expire on September 22nd. Nemak intends to retire and cancel the accepted notes and may subsequently redeem any notes that remain outstanding.
Acosta Verde reported that existing shareholders subscribed only two shares, leaving 6.3 million shares unsubscribed during the August 25-September 9 preemptive rights period. Of the remaining shares, 4.5 million will be offered to minority partners in connection with the acquisition contemplated under the assignment agreements, subject to the fulfillment of the applicable closing conditions. Payment for these shares will be partially offset against receivables owed to the minority partners as consideration for the transferred trust rights.
Other Companies
Harbour Energy plans to allocate more than 20% of its global investment to Mexico over the next five years, equivalent to approximately US$20 billion, primarily for oil and gas projects. The company expects to deploy two to three offshore platforms, at least two processing systems and three to four additional pieces of equipment. Harbour Energy holds a 12.4% interest in the Zama field, operated by Pemex.
Six bidders qualified to participate in the September 25th auction of AHMSA and MINOSA assets. The assets have an initial combined valuation of US$1.3 billion, comprising US$1.2 billion for AHMSA and US$125 million for MINOSA. The court granted bidders an additional three business days to provide the required performance guarantee. The trustee and secured creditors confirmed that the assets can be sold as a single productive unit. The bankruptcy trustee aims to obtain more than US$1.0 billion to fund creditor payments.
BlackRock México Infraestructura II, manager of the development capital certificates ‘ICUA2CK 14’, completed the acquisition of a photovoltaic power plant in Aguascalientes. The transaction closed on September 10th after all closing conditions under the share purchase agreement were satisfied. The facility has 67.7 MW of installed alternating-current capacity. Financial terms were not disclosed.
SHCP selected I Squared Capital to manage a financing vehicle designed to attract private capital for electricity projects in Mexico. The vehicle’s size and structure remain under development, while Banobras could provide up to MXN$80 billion for renewable-energy projects directly or through the mechanism. Mexico’s electricity plan targets 32 GW of additional capacity through 2040, which would require approximately US$37.5 billion of investment.
The National antitrust Commission launched an ex officio investigation into potential anticompetitive practices in Mexico’s professional football market. The probe will assess whether Federación Mexicana de Futbol (FMF) created barriers of entry through the elimination of promotion and relegation in Liga MX. The investigation will last 30-120 business days and may be extended up to three times for an additional 120 business days each. If anticompetitive conduct is established, the authority may impose fines of up to 10% of the responsible economic agent’s annual revenue.
Grupo Lala plans to repay LALA 18, LALA 19 and LALA 20 early on September 22nd. The repayment is conditional on the successful issuance of LALAC 26 and LALAC 26-2, which is also scheduled for September 22nd. Lala will disclose the total repayment amount to CNBV, BMV and Indeval two business days before the scheduled payment.
JP3 Financial received final authorization to begin operations as an IFPE through Paycaster, its digital account and payments platform. Management expects Paycaster to reach 300 million transactions in Mexico within one month of launch, supported by an alliance with a nationwide retail chain that provides access to a potential base of approximately 11 million users. The platform will offer SPEI transfers, bill payments, mobile top-ups and physical and digital card payments. JP3 invested approximately MXN$300 million in the platform and its first two years of development and operations.
Kueski appointed Jordan Olivier as CFO to oversee financial strategy, capital and debt management, and unit economics as the company expands Kueski Pay and its digital-credit offering. Olivier has more than 25 years of experience across fintech, consumer credit, banking and capital markets, including positions at Charles Schwab, LendingClub, SeedFi and Braviant. Kueski has originated approximately 40 million loans in Mexico, while Kueski Pay is integrated with nearly 40% of the country’s leading e-commerce merchants.
Geely-owned Zeekr and Lynk & Co sold 2,577 electrified vehicles in Mexico during the first eight months of 2026. The companies identified Mexico as one of their higher-potential international growth markets after the Zeekr 7X and Lynk & Co 08 reached 200,000 cumulative global deliveries. The Lynk & Co 08 ranked among the three best-selling vehicles in its segment in Mexico during 1H26, while the Zeekr 7X ranked first in its mid-size battery-electric SUV segment.
TV Azteca filed a Chapter 15 petition with the U.S. Bankruptcy Court for the Southern District of New York seeking recognition of its Mexican concurso mercantil process. TV Azteca’s concurso mercantil entered the conciliation stage in July.
Planet Fitness reached 50 clubs in Mexico, four years after local operator Fitness para Todos began developing the franchise in 2022. In the long term, the company plans to reach 200 locations across several Mexican cities and expand its membership and service offering.
Klar Empresarial expanded its financial platform to independent business taxpayers, including those under RESICO, addressing a potential market of 10–12 million registered taxpayers in Mexico. The offering includes credit, debit, investment and cashback products, with cashback of up to 6% on selected operating expenses.
Afirme Banco and Caintra Nuevo León signed an agreement providing approximately 4,500 affiliated SMEs access to financing. The program includes commercial credit at preferential rates with terms of up to 60 months and no origination fee. Members can also access leasing of up to MXN$5 million for equipment, transportation and machinery, as well as factoring facilities backed by accounts receivable. The agreement is Caintra’s third financing alliance with a financial institution this year.
The proposed Ley de Economía Digital would recognize CURP Digital as an identification mechanism for remotely contracting financial products, including savings accounts and credit. The measure forms part of Paquete Económico 2027 and would apply to digital onboarding across banks, fintechs and other financial institutions. CURP Digital would not be mandatory for financial transactions.
Economy
ANTAD’s SSS increased 1.7% YoY in August, the strongest performance in the last 4 months. They were driven mainly by 4.1% growth at specialty stores and 2.8% at department stores, partially offset by a 0.7% decline at supermarkets. Total sales were up 4.2% YoY, supported by 7.9% rise at specialty stores, 4.0% at department stores and 2.0% at supermarkets.
INEGI’s IOCP estimates private consumption to have risen 0.2% MoM and 1.6% YoY in July. For August, the indicator anticipates 0.1% MoM and 0.9% YoY growth.
Aggregate supply and demand increased 1.7% QoQ in 2Q26 based on seasonally adjusted data, according to INEGI. Exports rose 9.3%, gross fixed capital formation grew 4.3%, and private and government consumption were each up 0.9%. Aggregate supply and demand expanded 5.8% YoY based on original data. Exports were up 14.5%, gross fixed capital formation rose 3.9%, government consumption grew 3.0%, and private consumption increased 2.1%.
International visitor arrivals increased by 2.9% YoY to 8.651 million in July, driven by a 3.8% rise in international tourists and a 2.0% growth in international excursionists. Total spending declined 1.3% YoY to US$2.961 billion, while average spending decreased 4.1% YoY to US$342.3.
Foreign investors’ share of outstanding Mexican sovereign debt declined to 11.12% in August from 11.25% in July, while total holdings remained broadly stable at MXN$1.785 trillion, according to Banco de México data cited by Axis Negocios. Cetes holdings declined 5.1% MoM in August, while Bonos M holdings increased 0.8% MoM.
Foreign investors recorded net outflows of US$765.7 million from Mexican equities in August, the third consecutive monthly outflow and the largest since March. Net foreign equity outflows totaled US$550.3 million over the January-August period. Foreign holdings declined 0.9% MoM to US$193.649 billion, standing 6.2% below the February record.
Manufacturing production increased 0.9% MoM in July on seasonally adjusted data and 1.8% YoY based on original data, according to INEGI.
Total AUM’s of the Afore system increased by 15.9% YoY to MXN$9.020 trillion, led by Profuturo (+20.9% YoY), SURA (+18.0%) and Banamex (+15.5%), according to CONSAR. The sector’s investment mix comprised international equities 14.4%, private domestic debt 11.3%, structured investments 7.7%, domestic equities 6.5%, other investments 3.7%, Fibras 3.1%, commodities 1.1% and foreign debt 0.6%. The Afores recorded combined investment gains of MXN$84.126 billion in August, bringing cumulative gains to MXN$475.433 billion over the January-August period.
USMCA. President Claudia Sheinbaum confirmed that she held a call with U.S. President Donald Trump on September 16, during which both governments reached preliminary understandings with respect to the trade agreement. Sheinbaum indicated that the terms will remain undisclosed until a final agreement is reached. Foreign Affairs Secretary Roberto Velasco and Economy Minister Marcelo Ebrard participated in the conversation. The discussion preceded the fourth round of Mexico-U.S. negotiations ahead of the USMCA joint review. The fourth round of negotiations is expected to take place on September 28-29th.
CETES auction: 28-day CETES flat at 6.25%; 91-day CETES +10 bps to 6.66%; 182-day CETES +12 bps to 6.90% and 363-day CETES +24 bps to 7.24%.
Download PDF: Mexican Market Chatter September 11th – September 18th – ENG Mexican Market Chatter September 11th – September 18th – ESP